The turnover of the business sector increased in the 1st quarter

According to Statistics Estonia, in the 1st quarter of 2019, enterprises sold goods and services for 14.8 billion euros, which was 7% more than in the same period the year before.

Compared to the 1st quarter of 2018, turnover increased in most economic activities, except in mining and real estate, where turnover decreased. The biggest increase occurred in the turnover of education and professional, scientific and technical activities. Manufacturing and trade enterprises contributed the most to the turnover of the business sector. The turnover of both activities increased by 6%.

Compared to the same quarter of the previous year, the total expenditure of enterprises increased by 8%, including a 10% increase in labour costs. The number of persons employed as well as the number of hours worked increased by 3%. The labour productivity of the business sector on the basis of turnover amounted to an average of 31,800 euros in a quarter per person employed, i.e. 4% more than in the 1st quarter of 2018.

In the 1st quarter of 2019, enterprises invested 756 million euros, which is a third more than in the same period the year before. The investments were made mostly in machinery and equipment, and in buildings. Manufacturing, real estate and transportation and storage enterprises accounted for about a half of the total investments of all enterprises.

Compared to the 1st quarter of 2018, all investments increased. The biggest increase was registered in investments in land and in machinery and equipment.

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 April 2019. Statistics Estonia published the quarterly summary in 27 working days. For the statistical activity “Financial statistics of enterprises (quarterly)”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.